歐洲企業擔心美國打擊稅收倒置

European multinationals have launched a rearguard effort in Washington to ­prevent them becoming unintended ­victims of a US clampdown on tax-driven international mergers.

歐洲跨國公司在華盛頓發起自衛努力，以防自己成爲美國打擊以避稅爲目的的國際併購的受害者。

As the US administration finalises plans to curb “tax inversion” deals, big European companies that typically stay out of US politics – including Nestlé, Royal Dutch Shell, Airbus and BASF– are alarmed at the risk to their own US divisions.

在奧巴馬政府敲定打擊“稅收倒置”交易的計劃之際，雀巢(Nestlé)、荷蘭皇家殼牌(Royal Dutch Shell)、空客(Airbus)、巴斯夫(BASF)等通常不碰美國政治的大型歐盟企業，都在擔心各自美國業務面臨的風險。

US companies are using inversions to shift their addresses to countries with lower tax rates, reducing their US tax bills and putting their non-US earnings beyond the reach of the American authorities.

美國企業紛紛利用稅收倒置交易，將自己的註冊地轉移至稅率較低的國家，以減少它們在美國的應納稅額，讓美國政府無法對它們在美國以外獲得的利潤徵稅。

European multinationals have played no part in inversions. But they are concerned that moves to limit the economic benefits of the deals would increase their US tax and borrowing bills because they have the same structure as inverters: a foreign-domiciled parent controlling a US subsidiary.

歐洲跨國公司並未參與稅收倒置。但它們擔心，旨在限制此類交易的經濟效益的舉動，可能增加它們在美國的稅收金額和借款成本，因爲它們的結構跟採用稅收倒置的企業相同，都是由一家海外註冊的母公司控制一家美國子公司。

Executives have voiced their concerns directly to administration officials and lawmakers, according to a person with knowledge of the meetings.

一名知悉會議情況的人士表示，那些企業的高管們直接向奧巴馬政府官員和議員們表達了他們的擔憂。

Inversions have been condemned by some Democrats and Republicans as acts of “desertion” and Barack Obama’s administration is expected to unveil executive action to curb them as early as this week.

稅收倒置被一些民主黨和共和黨人譴責爲“逃跑”行爲，巴拉克•奧巴馬(Barack Obama)預計最早將於本週公佈旨在限制此類行爲的行政措施。

Jack Lew, the US Treasury secretary, said yesterday that while the White House wanted to overhaul the whole corporate tax system, “there is one loophole that should be shut down immediately – inversions”.

美國財政部長傑克•盧(Jack Lew)昨日表示，雖然白宮想要徹底改革整個公司稅體系，“但有一個漏洞是應該立即補上的，那就是稅收倒置”。

However, Alex Spitzer, a senior tax executive at Nestlé in the US, said badly-designed executive action or legislation risked deterring investment by the Swiss food group in US factories and jobs.

然而，雀巢美國高級稅務高管亞歷克斯•斯皮策(Alex Spitzer)表示，設計不佳的行政措施或法律可能讓這家瑞士食品集團不敢在美國投資於工廠和工作崗位。

“The concern is that when they are going after inversions it will have unintended consequences, creating disincentives for inbound investment, which is important for our economy,” he told the Financial Times. “It’s a baby and the bathwater issue.”

“令人擔憂的是，在打擊稅收倒置的時候，會產生一些意外後果，導致企業不願對美國投資，而投資對我們的經濟非常重要。”他向英國《金融時報》表示，“這是個洗澡水和孩子的問題。”

Eric Toder, co-director of the Tax Policy Center, a non-partisan think-tank, said European companies should be nervous. “Once there’s a focus on how inverted companies are avoiding tax, there will inevitably be a focus on other foreign-based companies doing the same thing.”

無黨派智庫——稅收政策中心(Tax Policy Center)副主任埃裏克•託德(Eric Toder)表示，歐盟企業應該感到緊張。“一旦人們開始關注企業用稅收倒置來避稅，企業總部位於海外、運作方法相同的企業也必然會受到關注。”

Shell and BASF said they backed lobbying on the issue. Airbus added: “It’s important that any legislation or other action be carefully crafted with an eye to ensuring investments in the US are not discouraged.”

荷蘭皇家殼牌和巴斯夫表示，他們支持了對這個問題的遊說。空客補充表示：“任何立法和其他行爲在設計時都必須小心，注意確保不會阻礙對美國的投資，這很重要。”

Thirteen inversion deals have been announced since the start of 2013 – including Burger King’s $11.4bn acquisition of the Canadian coffee shop chain Tim Hortons – with a combined valuation of $178bn, according to Dealogic.

Dealogic數據顯示，自2013年初以來，已有13筆稅收倒置交易公佈，總價值達1780億美元，其中包括漢堡王(Burger King)以114億美元收購加拿大咖啡店連鎖提姆霍頓(Tim Hortons)。